|
toanoradian posted:6 months of saving 1800 is 10K, he got 100K from his family, how did he get the remaining ~600K? Do you need less than the actual amount to 'own' a building? Trust fund
|
#
?
Mar 11, 2021 13:53
|
|
|
|
| # ? May 26, 2024 13:43 |
|
|
Azhais posted:Trust fund the 100k down payment came from his dad who's a hedge fund manager and who also maneuvered some contacts into giving his kid a "loan" for some insider tips. e,c: 
LifeSunDeath has a new favorite as of 14:19 on Mar 11, 2021 |
|
#
?
Mar 11, 2021 14:14
|
|
|
|
|
#
?
Mar 11, 2021 14:42
|
|
|
Sorry guys but you're out of touch https://twitter.com/OutOfTouchThurs/status/1370004079871598599?s=19
|
|
#
?
Mar 11, 2021 14:53
|
|
|
Quarterroys posted:To cover the difference between the cost of the property and your down payment, you take out a loan and pay mortgage payments each month Adding to this, they usually want 20% down, then you're off to the races. Assuming the guys credit isn't horrible- and he obviously makes above national average if he can afford $1800 in rent alone, he can get a loan he's only sort of likely to get hosed by. Even with bad credit, less than 20% and a poo poo job there's a whole ocean of loan officers out there all too happy to get him signed up with a loan that will beat his future mercilessly and leave it bleeding in the alley behind his condo, which is now owned by a bank. SOURCE: Worked for loan company at one point and am now beginning the process to see the feasibility of getting a house which has led to us being hounded to the ends of the earth by every single LO who has caught wind of it.
|
|
#
?
Mar 11, 2021 15:38
|
|
|
really queer Christmas posted:https://cdn.discordapp.com/attachments/401472926312038412/819075017765552138/video061.mp4
|
|
#
?
Mar 11, 2021 16:00
|
|
|
Hihohe posted:Sorry guys but you're out of touch So many misguided years in my youth hating Hall and Oates when all they did was write absolute bangers...
|
|
#
?
Mar 11, 2021 16:24
|
|
|
|
|
#
?
Mar 11, 2021 17:29
|
|
|
zoux posted:So many misguided years in my youth hating Hall and Oates when all they did was write absolute bangers... I didn't realize until well into my adulthood that I loving love H&O but I can't find any memes about that 
|
|
#
?
Mar 11, 2021 18:03
|
|
|
https://www.youtube.com/watch?v=yXr7JKn1omo
|
|
#
?
Mar 11, 2021 18:27
|
|
|
Now try watching a hall and oates music video. that particular song has fun practical effects sure to delight, unlike dancing anime children in mini skirts.
|
|
#
?
Mar 11, 2021 18:51
|
|
|
|
|
#
?
Mar 11, 2021 19:02
|
|
|
CrocodileKingSaysNO posted:Now try watching a hall and oates music video. that particular song has fun practical effects sure to delight, unlike dancing anime children in mini skirts. the "She's Gone" video is loving amazing: https://m.youtube.com/watch?v=vZZngTkp54I
|
|
#
?
Mar 11, 2021 19:43
|
|
|
Quarterroys posted:To cover the difference between the cost of the property and your down payment, you take out a loan and pay mortgage payments each month 
|
|
#
?
Mar 11, 2021 20:48
|
|
|
toanoradian posted:6 months of saving 1800 is 10K, he got 100K from his family, how did he get the remaining ~600K? Do you need less than the actual amount to 'own' a building? Most people do not buy houses with saved up cash. They save a fraction of the cost of the house as a down payment then get a mortgage (loan to be repaid in installments, in this case usually over decades) for the rest. This guy appears to have gotten his parents to cover the $100,000 down payment and rolled his rent over into a mortgage. The fact that he lived at home for a while is mostly meaningless. What would really put the cherry on top is if he then started renting out the condo, using the rent to cover its own mortgage, while continuing to live at home. That's real upper-tier failson shitbaggery.
|
|
#
?
Mar 11, 2021 20:51
|
|
|
As someone who is about to buy a house: real estate is some scummy poo poo. In most cases, you have a gigantic amount of value in the property, which you can only spend by either selling your home (lol no) or taking out loans. And even you're buying, you're either trading in your existing property and/or getting a huge gently caress off loan. Which the banks then liver of off. The real fun of when older people have paid off their loans and begin buying properties to rent out, either to their kids or strangers, at a net profit. It's a hosed up system. But in 30 years, I'll be the one on top!
|
|
#
?
Mar 11, 2021 21:08
|
|
|
Same vibe as the vilerat forwarded emails thread.
|
|
#
?
Mar 11, 2021 21:11
|
|
|
I wish I liked this meme less.
|
|
#
?
Mar 11, 2021 21:17
|
|
Glory to Italia! 
|
BonHair posted:As someone who is about to buy a house: real estate is some scummy poo poo. In most cases, you have a gigantic amount of value in the property, which you can only spend by either selling your home (lol no) or taking out loans. And even you're buying, you're either trading in your existing property and/or getting a huge gently caress off loan. Which the banks then liver of off. The real fun of when older people have paid off their loans and begin buying properties to rent out, either to their kids or strangers, at a net profit. It's a hosed up system. Just  if you aren't immediately taking a massive HELOC and jamming it into the stock market
|
|
#
?
Mar 11, 2021 21:19
|
|
Yes, it's like a lava lamp.
|
PittTheElder posted:Just
|
|
#
?
Mar 11, 2021 21:20
|
|
|
|
|
#
?
Mar 11, 2021 21:30
|
|
|
ILL Machina posted:I wish I liked this meme less.  .   . 
|
|
#
?
Mar 11, 2021 21:30
|
|
|
Prepare to be ASSimilated.
|
|
#
?
Mar 11, 2021 21:41
|
|
|
https://www.youtube.com/watch?v=sVavqLl3Hqg
|
|
#
?
Mar 11, 2021 21:52
|
|
|
toanoradian posted:6 months of saving 1800 is 10K, he got 100K from his family, how did he get the remaining ~600K? Do you need less than the actual amount to 'own' a building? When you buy a house you take out a mortgage, most banks tend to want 5-20% of the property value as a deposit
|
|
#
?
Mar 11, 2021 21:58
|
|
|
McSpergin posted:When you buy a house you take out a mortgage, most banks tend to want 5-20% of the property value as a deposit It’s not a deposit. There are deposits on homes sales usually but they are not 5-20% and go to the seller not the bank . They are like 500-2000$ Usually the largest mortgage you can get is 80% of the houses value. Banks don’t go higher than 80% so they don’t lose money if they have to immediately foreclose If you have to get a 90% mortgage you have to get something called mortgage insurance to cover the banks exposure
|
|
#
?
Mar 11, 2021 22:01
|
|
|
euphronius posted:It’s not a deposit. There are deposits on homes sales usually but they are not 5-20% and go to the seller not the bank . They are like 500-2000$ You can get an 80/20 loan though and a lot of people do that. Or just use your VA benefit and they can gently caress off with that 20% and PMI.
|
|
#
?
Mar 11, 2021 22:02
|
|
|
The 20 in the 80/20 is a high interest personal loan tho right
|
|
#
?
Mar 11, 2021 22:10
|
|
|
euphronius posted:It’s not a deposit. There are deposits on homes sales usually but they are not 5-20% and go to the seller not the bank . They are like 500-2000$ I know lol. We just bought a house a few months back. It's referred to as a deposit in Australia at least, that 10-20% that the bank doesn't cover. At least in Australia, any deposit over 5% iirc is viable, but you have to pay LMI at a pro rata amount (lenders mortgage insurance)
|
|
#
?
Mar 11, 2021 22:12
|
|
|
euphronius posted:The 20 in the 80/20 is a high interest personal loan tho right From the people I’ve seen do it it’s not super high but it’s also a shorter term (like 10 years). It’s definitely above the 30 year loan though. Edit: mortgage insurance is like one of the biggest scams they ever invented.
|
|
#
?
Mar 11, 2021 22:13
|
|
|
in the US, until you hit 22% equity, the bank is required to carry private mortgage insurance on your mortgage. I'll just let you guess who pays for said insurance that is for the bank.
|
|
#
?
Mar 11, 2021 22:14
|
|
|
Empty Sandwich posted:in the US, until you hit 22% equity, the bank is required to carry private mortgage insurance on your mortgage. "We don't think you'll be able to pay it back, so just in case, we're going to make you pay more." Yeah, PMI is a really dumb concept. Thanks housing bubble!
|
|
#
?
Mar 11, 2021 22:45
|
|
|
Maybe shut up about loving mortgages or whatever the gently caress you dorks are on about?   Here, you can argue about this fella: 
|
|
#
?
Mar 11, 2021 22:56
|
|
|
That hurts my brain
|
|
#
?
Mar 11, 2021 22:59
|
|
|
Cocaine Bear posted:Maybe shut up about loving mortgages or whatever the gently caress you dorks are on about? I mean it was funny in the sense that not a single post about mortgages avoided being incorrect in some way, but that is a very boring kind of funny.
|
|
#
?
Mar 11, 2021 23:13
|
|
|
I feel bad for all the kids who won’t be able to make a flap out of the little butter box that you can lift and see the boobs you made out of her knees
|
|
#
?
Mar 11, 2021 23:14
|
|
|
|
|
#
?
Mar 11, 2021 23:18
|
|
|
No matter how long you talk about them, I will not understand mortgages or houses
|
|
#
?
Mar 11, 2021 23:29
|
|
|
Ah, the lament configuration
|
|
#
?
Mar 11, 2021 23:32
|
|
|
|
| # ? May 26, 2024 13:43 |
|
|
Cocaine Bear posted:Maybe shut up about loving mortgages or whatever the gently caress you dorks are on about? I think the other irony with this is that the woman was actually drawn by a Native American artist. Might be apocryphal but I remember reading it
|
|
#
?
Mar 11, 2021 23:34
|
|
